AltShares Event-Driven ETF (EVNT) belongs to the Long-Short category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with EVNT. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to EVNT
EVNT charges 1.30% annually. There are 18 ETFs in the Long-Short category with lower expense ratios, going as low as 0.40%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| iShares Flexible Equity Active ETF | 0.40% | 1.61B | May 2026 | EVNT vs BFLX | |
| Proshares Large Cap Core Plus | 0.45% | 515.52M | Jul 2009 | EVNT vs CSM | |
| Aptus International Enhanced Yield ETF | 0.45% | 490.37M | Jul 2021 | EVNT vs IDUB | |
| Arin Tactical Tail Risk ETF | 0.63% | — | Oct 2025 | EVNT vs ATTR | |
| ProShares Long Online/Short Stores ETF | 0.65% | 7.48M | Nov 2017 | EVNT vs CLIX |
Best Risk-Adjusted Alternatives to EVNT
EVNT has a PortfoliosLab risk / return rank of 71. There are 9 ETFs in the Long-Short category with higher risk-adjusted ranks, going as high as 96.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| Convergence Long/Short Equity ETF | 96 | 447.61M | Dec 2009 | EVNT vs CLSE | |
| Franklin Liberty Systematic Style Premia ETF | 88 | 1.04B | Dec 2019 | EVNT vs FLSP | |
| NYLI Hedge Multi-Strategy Tracker ETF | 83 | 1.02B | Mar 2009 | EVNT vs QAI | |
| ProShares Hedge Replication | 80 | 22.00M | Jul 2011 | EVNT vs HDG | |
| Aptus International Enhanced Yield ETF | 78 | 490.37M | Jul 2021 | EVNT vs IDUB |
Top Performing EVNT Alternatives (YTD)
EVNT is at 6.02% YTD. There are 17 ETFs in the Long-Short category with higher YTD returns, going as high as 24.37%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Convergence Long/Short Equity ETF | 24.37% | 447.61M | Dec 2009 | EVNT vs CLSE | |
| Harbor Long-Short Equity ETF | 23.37% | 15.30M | Dec 2023 | EVNT vs LSEQ | |
| Aptus International Enhanced Yield ETF | 15.21% | 490.37M | Jul 2021 | EVNT vs IDUB | |
| Efficient Market Portfolio Plus ETF | 14.62% | — | Dec 2024 | EVNT vs EMPB | |
| Militia Long/Short Equity ETF | 13.55% | 138.61M | Jan 2025 | EVNT vs ORR |
Lowest Volatility Alternatives to EVNT
EVNT has 7.57% 1-year volatility. There are 4 ETFs in the Long-Short category with lower 1-year volatility, going as low as 3.30%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Arin Tactical Tail Risk ETF | 3.30% | — | Oct 2025 | EVNT vs ATTR | |
| ProShares Hedge Replication | 6.41% | 22.00M | Jul 2011 | EVNT vs HDG | |
| Federated Hermes MDT Market Neutral ETF | 6.65% | 106.80M | Sep 2025 | EVNT vs MKTN | |
| NYLI Hedge Multi-Strategy Tracker ETF | 6.85% | 1.02B | Mar 2009 | EVNT vs QAI | |
| First Trust Long/Short Equity ETF | 8.54% | 2.49B | Sep 2014 | EVNT vs FTLS |
Lowest Drawdown Alternatives to EVNT
EVNT has a 1-year max drawdown of -3.35%. No ETFs in the Long-Short category have shallower 1-year drawdowns; the lowest-drawdown alternatives shown here go as shallow as -3.71%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| NYLI Hedge Multi-Strategy Tracker ETF | -3.71% | 1.02B | Mar 2009 | EVNT vs QAI | |
| First Trust Long/Short Equity ETF | -3.79% | 2.49B | Sep 2014 | EVNT vs FTLS | |
| ProShares Hedge Replication | -3.97% | 22.00M | Jul 2011 | EVNT vs HDG | |
| Franklin Liberty Systematic Style Premia ETF | -4.03% | 1.04B | Dec 2019 | EVNT vs FLSP | |
| Convergence Long/Short Equity ETF | -4.85% | 447.61M | Dec 2009 | EVNT vs CLSE |
Other ETFs from Water Island
The 1 most viewed Water Island ETFs shown here include ARB and span 1 categories. AUM among these funds goes as high as $91M.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| AltShares Merger Arbitrage ETF | Event Driven | 52 | 1.85% | 90.93M | May 2020 | EVNT vs ARB |
Often Compared With EVNT
Investors most often compare EVNT with CBYYX, QQQ, SPY. These 20 comparison targets span 11 categories, based on PortfoliosLab usage data.
Compare EVNT with Any Fund or Stock
Compare EVNT with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair EVNT with funds that move differently
AltShares Event-Driven ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to EVNT.
Explore EVNT Diversifiers